Main Photo: The Four Seasons Boston to Open 2019
Date: February 2019
Location: One Dalton, Back Bay, Boston, Massachusetts, USA
Name: The Four Seasons Boston – opening 2019
No. of Keys: 215, including 41 suites plus 160 residences
Owner: Boston, MA Carpenter & Company, the developer and winner of the competitive bid, in 2015, to develop the Back Bay sites bordered by the Christian Science Plaza and the Prudential Centre.
Financing for this project includes $500 million from London-based manager The Children’s
Investment Fund Management LLP (TCI) and $180 million from clients of Citi Private Bank.
The new Four Seasons Hotel will anchor the base of the tower. Harry Cobb of Pei Cobb Freed in
collaboration with Gary Johnson of Cambridge 7 Associates are the lead designers behind the luxury hotel occupying the lower 23 floors with private residences on the floors 25-61.
Cobb, one of the world’s most prestigious architects, is best known locally for his design of the
landmark John Hancock Tower built in the mid 70s. The project marks Carpenter & Co.’s long term collaboration with Cambridge 7 which includes the Charles and Liberty Hotels.
The Pritzker Realty Group (PRG) of Chicago will develop and manage that project. Together, Carpenter & Company and PRG will create a small park on an adjacent site, to be designed by renowned landscape architect Michael Van Valkenburgh, one of the world’s leading landscape architects.
Project financing was coordinated and arranged by Riaz Cassum of HFF. The owner’s construction representative is Tishman Construction Company.
“Our goal here is a simple one – to construct a building of incomparable quality and timeless design,” said Richard Friedman, president and CEO of Carpenter & Co. “It will be a new landmark, prominent in Boston’s skyline and designed by a dream team of architects, and designers.
The participation of the Four Seasons guarantees that we can realise our vision of bringing to Boston something that is truly ‘Above and Beyond’ what Boston has ever seen.”
“This is a signature project in many ways for Boston,” said mayor Martin Walsh. “Not only will it be the tallest building constructed here in decades. It will also be home to a second Four Seasons, putting us in an elite group with only a few other cities around the world to have two hotels operated by this premier brand. I’m excited to see this project break ground and for the positive impact it will ave on our economy.”
Allen Smith, Four Seasons president and CEO, said, “Management by the Four Seasons will bring the highest level of quality, service and luxury to the new property. It is rare for us to have two hotels in one city and we do it in only the most important markets. In Boston, One Dalton is a fantastic opportunity to enhance the tremendously successful hotel that we have had for decades, overlooking the Public Garden. We see the two hotels as being complementary to one another and strengthen our brand in Boston.”
Martin Fräss-Ehrfeld, head of real estate at TCI, said, “We are excited to provide financing to One Dalton Street and its high quality equity sponsorship which will redefine high-end residential living in Boston. This project is in line with our investment strategy which includes similar projects such as the new Four Seasons Hotel & Residences in New York City.”
Almost $300 million of equity for the project is being invested by Carpenter and its principals, and some selected local partners, and Cascade Investment of Washington, plus a major equity
investment by wealthy individuals from around the world who are clients of Citi Private Bank. Dan O’Donnell, managing director of Citi Private Bank said, “Our equity placement was enormously successful on a worldwide basis, reflecting the quality of Boston, the sponsorship, and the Four Seasons brand.”
Tracy Campion of Campion & Co. said, “We are thrilled to exclusively represent this project and plan to work together with the local, regional, and international brokerage community during our marketing efforts.
The new hotel is in a 61-storey skyscraper with a prime Back Bay location. Included is a Zuma restaurant, renowned for its innovative Japanese izakaya cuisine, a spa, fitness centre, pool and two sunlit ballrooms and five function rooms.
The building’s last remaining penthouse was recently listed for $40 million, making it the most expensive property currently on the market in Boston according to city records.
Located on the 60th and 61st floors, the 7,300-square-foot residence has four bedrooms, five baths, and two powder rooms.
Residents will have direct elevator access to their own private elevator lobby, which opens to a living room with glass windows that frame the Boston Harbour and the bejeweled buildings below.
THPT Comment: Pretty serious development for Four Seasons 2nd hotel in Boston.
First Seen: Hospitality and Catering News
The Hotel Property Team (THPT) is a small group of highly experienced business professionals. Between us, we provide a range of skills and experience which is directly relevant to those involved in the hotel property market.